Wal-Mart Pushes Back at Swipe-Fee Settlement

Wal-Mart Stores Inc. said today that it takes issue with the multi-billion dollar swipe-fee settlement the card networks proposed this month.

It joins other merchants, notably Target Corp., in their public opposition to the settlement. Visa, MasterCard and several large banks proposed to end a long-standing lawsuit by offering to pay over $6 billion and allowing merchants to add a surcharge to credit-card transactions. The National Association of Convenience Stores, a trade group that represents more than 3,700 merchants, immediately voiced its objections to these terms.

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